Holding A Second For Buyer?
I have been thinking strongly of builting low-moderate income houses and selling a few to pay off my REI loan, then start keeping them for rentals.
The problem I had with the last house I sold was that the buyers did not qualify for the loan. They could afford the loan but credit problems or proving their income was difficult because they were paid cash dailey.
I was wondering, if they could get a loan for a certain amount, do you think it would be wise for me to carry a second for the remaining portion (minus a good down payment) ?
If you need the money, then yes, you'll probably have to carry paper. go through an attorney the first few times, so that you can protect your assets.
good luck
derek
Has anyone done a deal like this?
If yes, how did you structure your deal?
Has anyone done a deal like this?
If yes, how did you structure your deal?
Has anyone done a deal like this?
If yes, how did you structure your deal?